Bank of Virginia - Richmond, VA

Episode Information

Episode UID: 7651250190169
Episode Type: Suspension → Reopening
Bank Type: state
Bank ID: 765125019 hash
Start Date: January 1, 1814*
Location: Richmond, Virginia (37.554, -77.460)

Metadata

Model: gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest: 242154190c33fc08

Response Measures

None

Description

The article discusses the ongoing suspension of specie payments following the War of 1812 and the legislative efforts to coordinate a resumption date.

Events (2)

1. January 1, 1814* Suspension

Cause: Macro News
Cause Details: General suspension of specie payments following the War of 1812.
Newspaper Excerpt: The general acquiescence of the State Governments in the suspension of specie payments
Source: newspapers

2. February 20, 1817 Reopening

Newspaper Excerpt: the permission of Congress to receive until the 20th of February, the paper of Banks that do not redeem their notes with Specie
Source: newspapers

Newspaper Articles (1)

1. November 14, 1816 Richmond Enquirer Richmond, VA

Article from Richmond Enquirer, November 14, 1816

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Article Text

EXTRACTS-from the Documents accome panying the Governor's Communication, (No. 1.) August 30th, 1810. SIR-With the consent and approbation of our respective Boards of Directors, we beg leave to address your Excel. lency respecting the law to compel the Banks to resume specie payments on the 15th Nov. The subject has already been so fully before the public, that we should not at present trespass on your time, but for our conviction that the operation of the law will be productive of great injury to the Banks, the Commonwealth and the community, without any correlative ben. efit whatsoever. The general acquiescence of the State Governments in the suspension of specie payments, the late decision of a convention of Banks of the largest towns of the Union, the permission of Congress to receive until the 20th of February, the paper of Banks that do not redeem their notes with Specie, render it certain that no other than the Banks of Virginia will resume specie payments before that day, are state would things and we persuaded induce the that of the Legislature this law in ques- to of suspend the execution tion, and to place the corporations in which the State has so deep an interest, on a footing with similar institutions elsewhere. In coercing the Banks to return to the Metallic Standard, the principal object was certainly to prevent the evils of a depreciated & fluctuating currency, froman excessive issue of paper. It must HOW howeverbe clear to every attentive observer, that so far from there being a redundancy of the notes of the two Banks of Virginia, the amount is much below the usual sum in circulation previous to the suspension of Specie payments.then, the object has been attained, why should the Banks be exposed to the unne cessary risk of opening their vaults few months sooner than other Institations ? The public can sustain no injury by short delay, whilst it is important to the Banks that the measure should adopt ed simultaneouslv. They will be ready to the or to move in concert to gress, conform regulations with of that other ConBanks : but we are confident, the effect of a UIIcircumstances der inevitable existing premature will will step, be, that forevery creditor of the Bank press ward to obtain Gold and Silver, and every dollar will be drawn from their coffer before they can possibly have the mean of replenishing them. Viewing the subject in this light, we trust it will be permitted us respectfully to call the attention of the Executive to the consideration of the expediency of con vening the Legislature in time to relieve the Banks from the difficulty and danger arising from the law to whichwe have ferred. We have the honor to be, sir, very 108 pectfully, your most ob'dt. servants, JOHN BROCKENBROUGH, President of the Bank of Virginia BENJAMIN MATCHER, President Farmers' Bank of Virginia His Excellency W. C. NICHOLAS.